Iceland Seafood International (ISI) has signed a letter of intent (LoI) with Mondi Group to acquire Irish seafood processing company Carrs & Sons Seafood.

As per the terms of the agreement, ISI will acquire the entire stake of Carrs & Sons in a deal valued €6.5m ($7.7m).

Carrs & Sons offers smoked salmon products for the retail sector. It operates a production facility in Killala village in Ireland.

Currently, Carrs & Sons products retailed in the market under retailers’ private label as well as a branded commodity.

Majority of the products are sold under the Nolan Seafoods brand, which is said to be the leading brand for smoked salmon in Ireland.

It also produces organic salmon which is sold in the domestic market as well as exported to the overseas markets.

Through this deal, the Irish firm aims to further strengthen its position in the seafood segment and improve its offering portfolio to the retail segment.

Iceland Seafood said that the deal is in line with its strategy to focus on growing value-added activities in markets and create an advantageous balance between retail and foodservice sectors.

The two companies aim to close the deal before 30th November.

In May 2018, ISI agreed in principal to acquire Solo Seafood, the sole owner of Icelandic Iberica in Spain. Solo Seafood was owned by Iceland-based investment company Sjávarsýn, as well as Icelandic Iberica’s managing director, FISK Seafood, Jakob Valgeir and Nesfiskur.